Paper #1536

Título:

Stochastic representatitve agent

Autores:

Jose Apesteguia y Miguel A. Ballester

Data:

Septiembre 2016

Resumen:

Consider the aggregation of a collection of individual stochastic behaviors that fit a given stochastic choice model. We say that such a model has a representative agent if their aggregate stochastic behaviour also fits the model. We show that the Luce model and several prominent extensions thereof do not have a representative agent. On the positive side, we show that the random utility model and several domain-specific restrictions thereof do have a representative agent.

Palabras clave:

Representative agent; Stochastic choice.

Códigos JEL:

D0; D7; E1.

Área de investigación:

Economía Experimental y del Comportamiento / Microeconomía

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